First-home buyers racing for land with grant to expire

FIRST-home buyers are rushing to buy land in Ripley as the Queensland First Home Owners' Grant of $20,000 is set to expire on June 30 this year. The Queensland First Home Owners' Grant is a state government initiative to help first home buyers get into their first home sooner.

Boosted from $15,000 to $20,000 on 1 July 2016, the grant can be used towards buying or building a new house, unit or townhouse (valued at less than $750,000). Purchasers can even buy off the plan or choose to build their own home.

This is a great opportunity to get yourself into the property market, as well as getting you into your first home sooner, but it's important to start looking now as it can take some time to achieve a finalised contract once you have found the perfect home.

To be eligible for the grant:

You must be an Australian citizen or permanent resident (or applying with someone who is).

You or your spouse must not have previously owned property in Australia.

You must be at least 18 years of age.

You must be buying or building a brand new home, valued under $750,000.

How much? $20,000, until June 30, 2017.

The grant is not available on established homes.

The $20,000 grant is not available to contracts that replace previous contracts that were entered into before the date of July 1, 2016.

To further assist first-time buyers, Queensland also offers stamp duty concessions with full exemption up to $500,000.

More information can be found at Queensland State Revenue Office by visiting firsthomeowners.initiatives.qld.gov.au/